<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1200425829968335&amp;ev=PageView&amp;noscript=1">

Protecting What Matters Most

border

What Your Medical Practice Employees Are Expecting in a Benefits Plan

Many factors are involved in getting good employees to fill the seats at a medical practice, but job candidates consistently rank group benefits as one of the top factors impacting their decision to accept a job offer. Benefits packages matter; a robust package can make their lives much easier, while a barebones offering forces them to bear most of the monetary or administrative costs themselves.

The Employee Benefit Research Institute reports that one-third of workers feel benefits packages are “extremely” important, while 44 percent feel benefits are “very” important. A full 21 percent feel benefits are so important that they’ve changed or quit jobs because their packages were lackluster.

It is up to physicians to decide how far to flesh out their practices’ benefits offerings. The following overview of benefits plans ranging from minimal to robust will help:

Minimum Medical Practice Group Benefits

A barebones benefits plan might involve a high-deductible health plan (HDHP), which has lower premiums but usually features high out-of-pocket costs, and no other ancillary benefits, such as life, dental or vision coverage.

This type of benefits offering is good for smaller employers who need to save money before offering additional benefits, but they do little to attract and retain employees, much less give them access to the best health care coverage. Such plans may even encourage policyholders to opt out of receiving care in order to avoid the up-front costs.

Good Medical Practice Group Benefits

A better benefit would be to offer low deductible plans or even a high deductible plan with a gap coverage option. Gap coverage aims to lessen the out-of-pocket impact of high deductibles and expensive copays. This may be a health care reimbursement or savings account, a supplemental benefit such as critical injury, personal accident or hospital indemnity insurance.

Employers have plenty of leeway to design a program that fits their company culture and budget. And those who still need to save funds but want to offer supplemental coverage are often free to do so without making plan contributions.

Robust Benefits Packages

Offering a wide range of great group benefits such as health, dental, vision, life and disability is a great strategy for medical practices to employ. As health care insurance premiums rise, the challenge for employers is to maintain their benefits offerings while minimizing increased costs for employees.

Despite the economic pressures pushing employers into the fringes, most employees still prefer their places of work to administer the bulk of their insurance benefits portfolios. Employees like to get plans through their companies, where they may have access to group rates and administration lies in the hands of dedicated human resources staff.

A buffet of benefits from which to choose helps companies to stay competitive. Employees are usually open to paying for additional insurance plans--often at a majority of the cost--but they still prefer the ease of access and enrollment offered by employers.

Choosing the right voluntary benefits to offer is an exercise in understanding the demographics, culture and preferences of company staff. Bringing employees directly into this decision with open lines of communication such as surveys, roundtables and discussions may not only result in great benefits offerings, but also boost morale as well.

Beyond insurance, employers can plump their benefits offerings with perks like flexible schedules, personal time, vacation time, free lunches, retirement investment programs and more.

Loyalty That Can Be Bought

Employees that feel valued work harder and stay longer. Physicians at successful, growing medical practices should take the opportunity to make their group benefits packages a powerful employee recruiting and retainment tool. The benefits, after all, don’t just go one way.  

Recommended Posts

Group Health Insurance Coverage Solutions for Owners and Independents

Locum Tenens Physicians: Get the Insurance Benefits You Deserve

Don’t Miss Out: Last Chance for Exclusive Health Coverage Options

Access Options for Better Health Coverage Before Time Runs Out

Special Options for Owners and Independents Expire in Two Weeks

Optimize Your Coverage: Strategies for Practice Owners and Independent Physicians

Unlocking Little-Known Group Coverage Options for Owners and Independents

Practice Owners: Innovative Open Enrollment Special Options You Need to Know About

Group Health Insurance Coverage Solutions for Owners and Independents

Why Cheaper Health Insurance Isn’t Always The Best Choice

Practice Owners: The Group Coverage You Need and Support You Deserve

Get the Best Coverage and Service for Group Health Insurance

We’re Here to Help Your Practice: Now and in the Future

Get Year-Round Help for Group Health Insurance

It May Be The Best Kept Secret For Controlling Your Health Insurance Costs

Young Physicians Shouldn’t Leave Their Careers to Chance

The TMA Member AD&D Plan: Intentional Insurance for Accidental Injuries

Practice Owners and Independents - Get the Group Coverage You Want, Even Without Employees

The Four Advantages of Buying Insurance From TMA Insurance Trust

Why Good Dental Health Supports Good Physical Health

Open Enrollment exclusive: PPO Coverage For You and Your Family

Why Cheaper Health Insurance Isn’t Always The Best Choice

Practice Owners: Special Health Insurance Options You May Not Be Aware Of

Helping Physicians Manage Their Time Wisely

Life Insurance: Vital Security for Your Future

Medicare Coverage When Working Past 65

Long-Term Disability Insurance: Top 8 Reasons To Take A Closer Look

Secure Your Financial Legacy with Life Insurance

TMA Member Critical Illness Insurance Guarantees $20,000 of Coverage: Enroll by March 1st

A Guaranteed Benefit In Critical Times

TMA Member Critical Illness Insurance: Get $20,000 of Guaranteed Coverage

Guaranteed Acceptance for $20,000 of TMA Member Critical Illness Insurance

Life Insurance: Vital Security for Your Future

Medicare Coverage When Working Past 65

Group Health Insurance Coverage Solutions for Owners and Independents

Long-Term Disability Insurance: Top 8 Reasons To Take A Closer Look

Secure Your Financial Legacy with Life Insurance

TMA Member Critical Illness Insurance Guarantees $20,000 of Coverage: Enroll by March 1st

A Guaranteed Benefit In Critical Times

TMA Member Critical Illness Insurance: Get $20,000 of Guaranteed Coverage

Group Health Insurance Coverage Solutions for Owners and Independents

Navigating Storms: Secure Savings on Your Home and Auto Insurance

Practice Owners, Independents: Help Control Costs, Get Better Health Insurance For 2024

The TMA Member AD&D Plan: Intentional Insurance for Accidental Injuries

Group Health Coverage - Last Chance to Lock in 2023 Rates

Help Protect Your Practice’s Heartbeat With Business Overhead Expense Insurance

Dental Insurance: A Smart Financial Move for Long-Term Savings

Your Group Health Insurance Plan Needs a Specialist

Speak with a TMA Insurance Trust Advisor:

Newsletter signup to receive our monthly newsletter

border